Discontinued Operations and Extraordinary Items/ Long-term liabilities

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QUESTION
Part 1.
Discontinued Operations and Extraordinary Items
1.Companies elect to discontinue lines of business for a variety of reasons, including issues related to cash flow and profitability. This is a major decision because of how much time, effort, and, of course, money the company has already invested in these lines of business. When do you think it is appropriate to discontinue an operation? When is it appropriate to declare an extraordinary item?
With these thoughts in mind:
Write at least 200 words answering the following questions:
2.What factors do you think a company should consider before discontinuing a line of business?
Researching the notes to the financial statements for your chosen companies (See below), did you note any discontinued operations or extraordinary items occurring during the period 2006–2009? Do you agree with the reasons why a line of business might have been discontinued? If there were no discontinued operations or extraordinary items, do you think a line of business should have been discontinued? Justify your position.
3.Do you think the FASB disclosure requirements for discontinued operations or extraordinary items are reasonable? Do you think that they provide the correct type of information that a new or potential stockholder might need? Justify your position.
Part 2.
Long-Term Liabilities
Long-term liabilities are another way to gauge how healthy an organization will be in the future. This, too, gives organizations reason to carefully manipulate these on their balance sheets. GAAP dictates that these liabilities must be fully disclosed. What are the long-term liabilities for your chosen companies?
With these thoughts in mind:
4.Write by Day 3 at least 200 words answering the following questions:
Review the balance sheets and related disclosures of the companies that you identified in the Week 1 Discussion. 5.Discuss the type of long-term liabilities each company is carrying on its books. Do the types of long-term liabilities listed make sense from your perspective?
6.Discuss the similarities and differences between the characteristics of bonds payable and long-term notes payable. 7.Are there benefits to having one of these over the other on a balance sheet? Why or why not?

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